Core Viewpoint - TPG RE Finance Trust (NYSE: TRTX) has experienced a significant rally over the past month, reducing the gap to its book value per share, which was previously at 31% [1] Group 1: Company Performance - The recent performance of TRTX indicates a strong recovery in its stock price, suggesting potential for further growth [1] - The equity market's daily price fluctuations contribute to long-term wealth creation or destruction, highlighting the importance of market dynamics [1] Group 2: Investment Strategy - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

TPG RE Finance Trust (TRTX 2.94%), a commercial real estate finance company specializing in first mortgage loans, released its second-quarter results on July 29, 2025. The period delivered a mixed financial outcome. Distributable earnings per share (non-GAAP) came in at $0.24, beating the analyst forecast of $0.22 (Non-GAAP). However, total distributable earnings (non-GAAP) fell to $19.0 million. The quarter showed strong dividend coverage.Business Overview and Strategic FocusTPG RE Finance Trust is an exte ...

Financial Data and Key Metrics Changes - TRTX reported GAAP net income of $16.9 million or $0.21 per common share, with distributable earnings of $0.24 per common share, covering the quarterly dividend [12] - Book value per common share was $11.2, slightly down from $11.19 in the previous quarter [12] - The CECL reserve rate declined to 176 basis points from 199 basis points, reflecting a 12% decrease [16] Business Line Data and Key Metrics Changes - The loan portfolio grew by 15% during the second quarter, driven by strong origination volume [15] - Seven new loans were originated with total commitments of $695.6 million and a weighted average credit spread of 2.86% [13] - The REO carrying value declined by $32.5 million or approximately 12% due to the sale of two REO properties, generating a GAAP gain of $7 million [14] Market Data and Key Metrics Changes - U.S. equity markets rallied, with the S&P 500 reaching an all-time high, while corporate credit markets tightened [6] - Real estate credit markets experienced widening in loan spreads due to tariff volatility, impacting lending dynamics [6] Company Strategy and Development Direction - The company aims to leverage its liquidity position and capital deployment strategies to drive earnings growth [10] - TRTX is focused on multifamily and industrial sectors, which are seen as liquid and resilient during economic cycles [39] - The company plans to continue selling REO properties and has a strategy in place for managing and improving the performance of these assets [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the loan portfolio, with no credit migration expected [48] - The company anticipates an elevated pace of new investments in the coming quarters, supported by a strong pipeline [25] - Management noted strong fundamentals in the multifamily sector, driven by slowing new construction and elevated borrowing rates [42] Other Important Information - TRTX's share price performance has led its peers with a cumulative return of 68% since January 2023 [19] - The company maintains a 100% performing loan portfolio and a stable liability structure that is 95% non mark to market [18] Q&A Session Summary Question: Future quarterly origination volumes - Management indicated that elevated origination volumes are expected to continue due to attractive lending opportunities as banks pull back [24] Question: Loan size targeting - The company has maintained a consistent scale in loan sizes, with larger loans providing diversification benefits [27] Question: REO sales and potential gains - Management noted a history of selling REO properties at book gains and plans to move several remaining properties to market soon [32] Question: Portfolio opportunity and repositioning - The focus remains on multifamily and industrial sectors, with ongoing monitoring of refinancing trends and potential acquisition loans [40] Question: Credit risk migration - Management stated that current reserves reflect future expectations, and no significant credit migration is anticipated [47]

Core Viewpoint - TPG RE Finance Trust reported quarterly earnings of $0.24 per share, matching the Zacks Consensus Estimate, but down from $0.28 per share a year ago, indicating a decline in profitability [1][2] Financial Performance - The company posted revenues of $36.2 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.9% and down from $39.3 million year-over-year [2] - TPG RE Finance Trust has not surpassed consensus EPS estimates over the last four quarters, indicating consistent underperformance [2] Stock Performance - TPG RE Finance Trust shares have decreased by approximately 1.5% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.26, with expected revenues of $38.14 million, and for the current fiscal year, the estimate is $0.98 on revenues of $150.43 million [7] - The estimate revisions trend for TPG RE Finance Trust was favorable prior to the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting potential outperformance in the near future [6] Industry Context - The Real Estate - Operations industry, to which TPG RE Finance Trust belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, which may negatively impact stock performance [8]

Exhibit 99.2 Second Quarter 2025 Supplemental Information July 29, 2025 July 29, 2025 Second Quarter 2025 Supplemental Information Exhibit 99.2 Forward-Looking Statements and Other Disclosures This meantation contains (fromand-Adobing statements within the manine of Section 274 of the Securities Act of 1933, as arentels and Section 2016 of the Securities Suchange with researct to annone pthere thine, our personations and francial regions and frances four can deptrilie there froungelo lookine statuements suc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ _______________________________________________________________________ FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ___ ...

Core Insights - Investors in the Real Estate - Operations sector should consider TPG RE Finance Trust (TRTX) and Corporacion Inmobiliaria Vesta, S.A.B. de C.V. Sponsored ADR (VTMX) for potential value opportunities [1] Valuation Metrics - TRTX has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while VTMX has a Zacks Rank of 5 (Strong Sell), suggesting a negative earnings outlook [3] - TRTX's forward P/E ratio is 8.39, significantly lower than VTMX's forward P/E of 15.97, indicating TRTX may be undervalued [5] - TRTX has a PEG ratio of 2.28 compared to VTMX's PEG ratio of 4.15, suggesting TRTX offers better value relative to its expected earnings growth [5] - TRTX's P/B ratio is 0.59, while VTMX's P/B ratio is 8.81, further indicating TRTX's more attractive valuation [6] - Based on these metrics, TRTX holds a Value grade of B, whereas VTMX has a Value grade of F, highlighting TRTX as the superior option for value investors [6][7]

TPG RE Finance Trust, Inc. Investor Presentation June 2025 Forward-Looking Statements and Other Disclosures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words suc ...

TPG RE Finance Trust (TRTX) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants None - ExecutiveDoug Bouquard - CEORobert Foley - Chief Financial OfficerJohn Nickodemus - Vice President, Equity Research Conference Call Participants Steven Delaney - AnalystNone - Analyst Operator Good morning, ladies and gentlemen, and thank you for standing by. Welcome to TPG Real Estate Finance Trust First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported GAAP net income of $10 million or $0.12 per common share, with a book value per common share of $11.19 and distributable earnings of $0.24 per common share, aligning with the quarterly dividend [14][15] - The company maintained a 100% performing loan portfolio and an unchanged weighted average risk rating of 3.0, with no credit migration [15][18] - The general reserve increased to $67.2 million or 199 basis points from $64 million or 187 basis points, reflecting higher interest rates and potential economic recession risks [18] Business Line Data and Key Metrics Changes - The company closed two multifamily loans totaling $131 million after the quarter end and executed term sheets on another $310 million of transactions [10][15] - The capital markets segment issued a new $1.1 billion CRE CLO, increasing the proportion of non mark-to-market non-recourse term match liabilities to 91% [15][19] - Share repurchases amounted to approximately $9 million, boosting book value per share by $0.05 [15] Market Data and Key Metrics Changes - The company noted that real estate credit is viewed as a safe haven compared to corporate credit and equity risk, with investor sentiment indicating a preference for real estate credit amid broader market disruptions [7][12] - The liquidity position was strong at $457.6 million, representing 11.6% of total assets, which supports the capital allocation strategy [20][21] Company Strategy and Development Direction - The company continues to focus on the housing sector, particularly multifamily, while also exploring transactions across various property types and geographies [8][12] - The strategic goals include deploying excess liquidity, utilizing untapped financing capacity, recycling equity in REO, and creating additional liquidity via capital markets activity [11][12] - The company is positioned to take advantage of the attractive real estate credit market, with a significant investment pipeline due to competitors slowing their activity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the current market, highlighting the importance of downside protection and tail risks amid a protracted global trade war [6][8] - The company is well-positioned to navigate market uncertainties and capture lending opportunities, with strong liquidity and a stable risk profile [21] Other Important Information - The company redeemed FL3 and issued FL6, generating net liquidity of $260 million for future deployment [12][19] - The total leverage slightly increased to 2.2 times from 2.1 times in the previous quarter, with $2 billion of financing capacity available [20] Q&A Session Summary Question: Can you provide insights on the risk profile of current originations compared to previous years? - Management noted that the entry point for loans is more favorable now, with borrowers being more disciplined about debt levels due to market uncertainties [24][27] Question: What is the expected levered return on equity for new bridge loans? - Management indicated that gross ROEs are generally in the low to mid-teens range, benefiting from favorable timing in locking in bond spreads [28][29] Question: Why were there no originations in the first quarter? - Management explained that a combination of tighter loan spreads and longer closing times due to market dislocation contributed to the lack of originations [34][35] Question: What is the outlook for the REO portfolio reduction? - Management confirmed plans to stick to the previously described cadence for REO sales, despite increased market uncertainty [37] Question: How do the transaction prices for the two REOs compare to carrying values? - Management refrained from disclosing specific transaction prices but indicated a history of selling REOs at prices exceeding carrying values [41]